Circle's Slow Response to $100M USDC Hack Sparks Crypto Outcry

Crypto influencer ZachXBT has raised questions about the response of the Circle team following the recent hack of the Infini protocol. The hack, which occurred on March 10, resulted in the loss of approximately $100 million worth of USDC stablecoins.

The Circle team, which is responsible for the issuance of USDC, has been criticized for not acting swiftly to help those affected by the hack. ZachXBT, who has a significant following in the crypto community, took to Twitter to express his concerns, stating that the Circle team had not done enough to assist those who had lost their funds.

The hack of the Infini protocol was a significant event in the crypto world, and it has raised questions about the security of stablecoins. USDC is one of the largest stablecoins by market capitalization, and its security is of paramount importance to the crypto ecosystem.

The Circle team has since responded to the criticism, stating that they are working with law enforcement and other relevant parties to investigate the hack and recover the lost funds. They have also stated that they are exploring ways to compensate those who were affected by the hack.

However, some in the crypto community have expressed skepticism about the Circle team's response, arguing that they should have acted more quickly to help those who were affected. The hack has also raised questions about the security of stablecoins more broadly, and whether more needs to be done to protect users' funds.

In the wake of the hack, some have called for greater regulation of stablecoins, arguing that they should be subject to the same standards as traditional financial institutions. Others have argued that the responsibility for security lies with the users themselves, and that they should take greater care to protect their own funds.

The hack of the Infini protocol is just the latest in a series of high-profile hacks and security incidents in the crypto world. As the industry continues to grow and evolve, it is clear that security will remain a top priority for both users and developers.